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Deals & Dealmakers

ON THE SCENE: Cushman & Wakefield marketing Queens retail building; Midtown building sells for $13M

SALES

HPNY has closed on the sale of 131 West 14th Street in Midtown Manhattan for $13,000,000. The property is located between 6th & 7th Avenue. The 5-story mixed use elevator building is built 11,550 s/f and consists of four loft apartments and one store. The retail was delivered vacant. The building traded around $1,125 per foot. Seller of property was a long term local family. The purchasing entity was JD14St LLC. Sean Lefkovits and John Florek of HPNY brokered the transaction along with Elad Dror and Tony Park of PD Properties.

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Venture Capital Properties brokered the sale of 2598 3rd Ave in the Bronx for $5,250,000. The sale price represents a 7 percent capitalization rate. Jacob Stavsky and Josh Nazar of Venture Capital Properties represented the seller, 2598 Realty Corp. and the buyer, Gideon Asset Management, a high net-worth family office based in Manhattan. The single story medical office building has average leases of 10 years remaining and an additional 30,000 s/f of air rights. The buyer intends to hold the corner medical cash flowing property and will build on top utilizing the additional air rights.

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Sundance Real Estate Advisors and Partners has acquired the 172-bed student housing property The Bleu at CCSU in New Britain, Connecticut. Steve Rutman with HFF brokered the $5.3 million sale from Trinity Property Group. Located at 1412 East Street, New Britain, CT, within walking distance of Central Connecticut State University, The Bleu offers two- and three-bedroom units with in-unit washer/dryer, fully equipped kitchens and wood flooring. Amenities including a resident lounge, fitness center and onsite parking. The property will be managed by The Millennium Group. Sundance will enhance the property by improving the exterior lighting and making repairs throughout.

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Holliday Fenoglio Fowler, L.P. (HFF) announced the following sales:
• Naugatuck Valley Shopping Center, a 382,864 s/f grocery-anchored shopping center in Waterbury, Connecticut. HFF marketed the property on behalf of the seller, and procured the buyer, Premium Property LLC and BH Premium Quality Waterbury LLC. Naugatuck Valley Shopping Center is 77.1 percent leased and is anchored by the region’s highest grossing Walmart as well as a full service Stop & Shop. The 50.5-acre site offers 2,155 parking spaces. The HFF i team representing the seller included senior managing director Jim Koury.

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Marcus & Millichap announced the following sales:
• 102 Baltic Street, an 8-unit apartment property in Brooklyn, sold for $2,085,000. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay, represented the seller, a private investor. The buyer, a private investor, was secured and represented by the team.
• 1709 Madison Street, a 6-unit apartment property located in Ridgewood, N.Y., sold for $2,000,000. Shaun Riney and Thomas Shihadeh represented the seller, a private investor, and the buyer, a private investor. This is the highest price ever paid for a partially vacant building of this type in Ridgewood.
• 361 Legion Street, a 4-unit apartment property located in Brooklyn, N.Y., sold for $850,000. Matthew R. Peters represented the seller, a private investor, and the buyer, a limited liability company.
• 1882 Palmetto Street, a 4-unit apartment property located in Ridgewood, N.Y., sold for $1,300,000. Shaun Riney, Thomas Shihadeh and Andrew Reiter, represented the seller, a private investor, and the buyer, a private investor. The sale prices represented 19 times the rent roll, with four Section-8 leases in place.

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TerraCRG announced the following sales:
• 1271 Willoughby Avenue, a vacant multifamily building in Bushwick, sold for $2,700,000. The sale price equates to $529 psf and $450,000 per unit. Matt Cosentino, Fred Bijou and Eric Satanovsky brokered the deal for as the six-unit 5,100 s/f property. The buyer plans to renovate the walkup building and rent the apartments. The seller was Bushwack LLC. The buyer is Cycamore Capital.
• 482 Tompkins Avenue, a mixed-use building in Bedford-Stuyvesant, Brooklyn, sold for $3,072,500. Matt Cosentino, Fred Bijou and Eric Satanovsky, brokered the off-market sale to Urban Standard Capital. The closing price equates to about a 5% cap rate at $340 psf. The building contains approximately 10,823 s/f and consists of 14 one bedroom residential units and two retail stores on Tompkins Avenue.

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Concord Capital New York, a Rockland County investment firm, has purchased Playtogs Shopping Plaza, an 800,000 s/f mixed-use site with over 200,000 rentable square feet. The site is located on the border of Middletown and Wallkill in Orange County NY. Concord founder and CEO Eric Jacobov plans to renovate the existing structure and lease the mall. Future development on the site may include constructing multi-family housing and even a hotel. The 18-acre site is located at 130-138, 144-146 and 156 Dolson Avenue. Jacobov purchased the center last month from CIII Asset Management, a loan servicer that foreclosed on the previous owner. According to records, the lender was awarded a $17.25 million judgment against the previous borrower. The bank then sold the property to Concord Capital for just over $4 million.

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Eastern Consolidated announced the sale of a 10,050 s/f luxury apartment building at 168 Suffolk Street on the Lower East Side for $12.82 million, which translates to $1,275 psf. Peter Carillo represented the seller 168 Suffolk St Owners LLC. Elad Dror and Tony Parks of PD Properties LLC represented the buyer, Eunhasu Corporation. Jonathan Aghravi, Managing Director and Principal, and Charles Han, Associate Director, from Eastern Consolidated’s Capital Advisory Division, arranged the buyer’s assumption of the existing mortgage. In addition to the leased ground floor retail space, 168 Suffolk consists of nine, two-bedroom, free-market apartments. The building was gut renovated in 2016.

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Besen & Associates announced the following sales:
• 4468-4474 Broadway, a 20,000 s/f two-story elevatored commercial building with six stores and five offices was sold for $9.15 million. Built in 1991, the property features 100 ft. of retail frontage along Broadway. The property was sold by the team of Hilly Soleiman, Amit Doshi and Ron Cohen. The sale price equates to $457 per square foot and 3.75% capitalization rate.

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The Blumenfeld Development Group (BDG) acquired an 80,000 s/f industrial building at 260 Spur Drive South in Bay Shore. The building, which was purchased for $6.15 million, currently serves as the North American headquarters of Tensator, Inc. a queue management specialist. BDG, who partnered with New Jersey based The Hampshire Companies, was able to simultaneously acquire the property and negotiate a lease extension for Tensator. Kyle Burkhart of Cushman and Wakefield represented Tensator, and Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate represented the seller in the transaction.

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CBRE Tri-State Investment Properties team arranged the $1.75 million sale of a single-story 3,700 s/f multi-tenanted retail property located at 375-381 Franklin Avenue in Wyckoff, NJ. Charles Berger, Elli Klapper, Samuel Bernhaut and Nicole Nannola represented the property’s seller and procured the buyer. CBRE has been retained by the buyer to act as the exclusive leasing agent, working to either fill the remaining vacancies or to fill the entire building with a single tenant.

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Rosewood Realty Group announced the following sales:
• A two story medical building in Southampton, Long Island for $9.75 million. The 21,606 s/f building at 365 County Road, 39A, sits on over 2.4 acres of land. Constructed in 1996, it sold for 11.66 times the current rent roll, at a 6.8 percent cap rate. Aaron Jungreis represented the seller, Benton Plaza LLC, and Jack Zalta represented the buyer, a private investor.

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Westbridge Realty Group announced the sale of a six-family building in Ridgewood, Queens that set a record price for a vacant building sale in that neighborhood. The 5,600 s/f building at 20-35 Gates Avenue was built in 1930. It sold for $2.275 million, which equates to $406 per square foot, or $379,000 per unit. Adam Traub and Isaac Schrem represented both the buyer and the seller, a long term holder who bought the property in 1985.

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The former headquarters and manufacturing plant of Montblanc pens, at 55 North Street, Bloomsbury, NJ, has been sold for $1,025,000. James Costanzo, president, Charity Realty, brokered the sale of the 22,500 s/f industrial facility. Built in 1972 for parent company, Newell Rubbermaid, the facility was later purchased by a cabinet manufacturer, which went out of business. In 2016, Charity Realty leased one half of the building to a competitive gymnastic and cheer studio. It has been purchased by 55 K Realty.

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The CPEX Multi-Family Sales Team has sold a five-unit multi-family property in East Williamsburg for $1,875,000. The property is located at 247 Devoe Street, between Bushwick Avenue and Olive Street in East Williamsburg. The three-story walk-up consists of five residential units and measures 4,500 gross square feet. 247 Devoe Street was delivered fully occupied with two free market apartments and three rent-stabilized apartments. The property sold for approximately $417 per square foot, or $375,000 per unit. Stephen Safina, Thomas Ryan and Alyona Chystyakova represented the seller and procured the buyer.

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Cushman & Wakefield arranged the sale of 272-274 Canal Street, a 6,600 s/f office conversion opportunity in TriBeCa. The final closing price was $8.7 million. Will Suarez, Maurice Suede and Sean Rucker represented the seller. The site offers a 4-story vacant loft building located on the corner of Canal Street and Cortlandt Alley, between Broadway and Lafayette Streets. The existing building is positioned for a boutique office with retail space that has 89 feet of wrap-around frontage. The property is designated for M1-5 zoning and offers 8,955-buildable-square-feet.

 

AGENTS

Ariel Property Advisors has been retained to sell 348-350 Lenox Avenue, two adjoining mixed-use buildings in Harlem. The asking price for the two 5-story properties is $9 million. The 20-unit building duo, which spans 19,730 s/f, offers 50 ft. of frontage along Lenox Avenue between West 127th and 128th Street. The properties contain 2 commercial and 18 residential units. Michael A. Tortorici, Marko Agbaba, Victor Sozio, Matthew L. Gillis and Matthew Lev are representing the owner. Six of the residential units will be delivered vacant (two of which are rent stabilized).

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Dan Shapiro of Besen & Associates, has been retained as a co-exclusive investment advisor for the sale of 81-119 West Main Street, Waterbury, CT, Waterbury Commons, a 180,000 s/f office facility. The Complex consists of five buildings, four of which are contiguous, and six surface parking lots: 81-111 West Main Street are four contiguous building spanning the block encompassed by West Main and Leavenworth Streets and Kendrick Avenue. The buildings were constructed in the early 1900’s and renovated many times. 119 West Main Street is an adjacent, 3,500 s/f historic building formerly known as the Mattatuck Museum. Asking price is $10,000,000.

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Cushman & Wakefield announced the following exclusive assignments:

• The sale of a two-story, 11,240 s/f retail building for sale at 89-22 Queens Boulevard in Elmhurst, Queens. The asking price is $10.4 million. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa will be leading the marketing efforts. The property boasts 40 ft. of frontage on Queens Boulevard and 135 ft. on 57th Avenue. Currently, the entire property is leased on a NNN basis to DeRucci Bedding Co., a high-end furniture store that has invested $1.5 million into their build-out and operates over 2,200 stores worldwide.
• A 25 ft. wide, 5-story mixed-use property located at 304 Columbus Avenue between 74th and 75th Street. The asking price for the property is $9,950,000. Paul Smadbeck, Conrad Martin and Bryan Smadbeck will be leading the marketing efforts. 304 Columbus Avenue totals 12,258 s/f and consists of 13 residential units and two commercial units. The residential units consist of five free market apartments, two owner-occupied units, five rent stabilized apartments, and one rent controlled apartment, ranging from studios to two bedrooms. The commercial spaces include a ground level 2,000 s/f property currently leased and occupied by Jonathan Adler Home Décor, and a 1,700 s/f lower-level retail space with street-level access and exposure, which will be delivered vacant.

 

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